The largest state-owned PrivatBank in Ukraine should make profit in 2018 and generate no less than UAH 8 billion of profit starting from 2020. The strategy for its development until 2022 was approved by the supervisory board of the financial institution at a meeting on April 27.

"The strategy provides for a balanced development of the bank with a focus on the retail segment and SME lending and selectively corporate segment, as well as preparing the bank for sale to foreign investors," the bank's press service said, describing the strategy adopted.

According to it, the key factors in the achievement of the bank's profitability from 2018 should be the growth of lending, lowering the cost of liabilities and normalizing the cost of risk.

"Our main strategic goal is profitability. The bank's development strategy, approved today, defines a clear and effective action plan to achieve this goal. All members of the supervisory board unconditionally support the implementation of activities through which PrivatBank will continue to remain the leading retail bank of Ukraine," Head of the supervisory board Engin Akcakoca said.

It is planned that the loan portfolio of PrivatBank will increase with a moderate growth in lending over the next two years.

Also, the supervisory board approved the reports of the bank's management on the results of its work in 2017 and the annual financial statements of the bank, having examined the report of the independent auditor on the audit of the financial statements of the bank that the auditors of Ernst & Young conducted.